In August 2020, given the valuation uncertainties of several securities, 7 of our French funds were suspended while side pocket structures were created.
The Oil Shock Markets Refuse to Price
Markets may be under-pricing the oil shock’s macro impact. Investors are dismissing both duration and non-linearity: the longer oil prices stay elevated, the greater the cumulative drag on growth, while shocks become disproportionately more disruptive at higher price levels, with moves above $100 carrying materially larger macroeconomic consequences.